... at the profitability of companies, thus, stock returns play a role in determining the uncertainty of government policy. I then empirically measure the strength of these effects using a vector auto-regression model for the United States from 1985 through 2019. I find that political uncertainty has a small positive...

...”. © Emerald Group Publishing Limited 2004 Accounting research Stock markets Governance Government policy Market forces Politics Volume 30 Number 2 2004 57 Brokers, Bureaucrats and the Emergence of Financial Markets1 by Edward Stringham, San Jose State University and Peter Boettke...